‘For sale’ French retail chain goes into receivership
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The largest fishing tackle retail chain in France has gone into receivership and is currently looking for a buyer.
Pacific Pêche, which has 44 stores across the country, called in administrators last month. It had warned the trade back in March that it was facing huge financial difficulties caused by the Coronavirus pandemic. In a letter to suppliers, the company’s Director of Purchasing and Supply, Laurent Vigier, warned that the company could not meet its financial commitments on products delivered or those on order.
French angling website Peche.com reported that the chain has faced a drop in sales in recent years and quoted a turnover decrease from €43m in 2017 to €39.5m in 2018. Last year it said the figure had gone down further to €37m.
It also revealed that Pacific Pêche had plans to ally with retail giant Carrefour to launch a shop-in-shop format in the brand’s hypermarkets.
The chain was taken over by ASD International in 2018 and embarked on a plan to develop its own brand to lessen its reliance on the major big-name suppliers. It is a decision that is widely believed to have been partly the reason for the demise of the chain.